L&G partners with Virgin Money to cater for remortgage market

Legal & General and Virgin Money have partnered to launch an exclusive range of deals catering to remortgage customers which will include free valuations and free legal work.

The mortgage range is available to customers with loan-to-values (LTV) of between 70% and 80% on five-year fixed rates.

Rates range from 2.39% to 2.69% for its 70% LTV, and 2.85% to 2.99% for its 80% LTV. Customers can choose from £1,495 fee for a lower-rate deal, or £495 fee for mortgages on a higher rate.

The range will also include £300 cashback for purchase customers on 80% LTVs.

The deals are available through Legal & General appointed representatives, The Mortgage Advice Bureau and Legal & General Nouveau members.

Jeremy Duncombe, director, Legal & General Mortgage Club

(pictured), said the distributor was keen to support the remortgage market, an area it feels is underserved by mortgage lending.

“Now is a great time for customers to be looking for a new deal so they can lock in a competitive mortgage ahead of when interest rates start to rise. I am also pleased that this range is available through intermediaries as the advice and knowledge that brokers can offer to consumers is vital to ensuring they get the mortgage deal that is right for them.”

Peter Rogerson, commercial director for mortgages at Virgin Money, added: “A lot of borrowers are keen to lock in the low interest rates that are currently available for longer, so these new five-year products are a really attractive option for them.”